IMF concludes fiscal authority capacity development mission
The International Monetary Fund (IMF) on Thursday concluded a mission to extend capacity development assistance and training for relevant high officials in handling fiscal issues in response to a government request.
The mission has specially focused attention on improving tax collection specially the introduction of property tax in 2025, tax administration and bolster public finances. Director General of Fiscal Policy Department Kapila Senanayake told the Business Times.
He noted that the IMF team conducted a study and consulted stakeholders including high officials of the Survey Department, Municipal Councils, Local Governments, Provincial Councils, and the Finance Commission for the formulation of the specific modalities to improve tax collection specially property tax implementation.
They have conducted sessions to extend knowhow on ways and means to modernise monetary and exchange rate policies, develop legal systems, and strengthen governance.
The IMF Team assessed the capabilities of institutions in managing fiscal matters specially the fiscal policy department of the Finance Ministry and worked towards capacity development enhancing efficiency effectively, ministry sources disclosed.
“It is part of the IMF’s broader commitment to facilitating economic stability and development among its member countries,” a spokesman of the IMF said.
The team has advised the fiscal authorities to publish opinions on each tax law amendment or new tax Act in the government web site and make prior approval by the fiscal policy department a prerequisite for any substantive change in the scope or rate of a tax that is implemented through updated regulations.
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